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Hi Sir,
Sir how do we know that a particular transaction is change in accounting estimate or Policy Change
Regards
What about “By revising F3”?
You’re at P2 level and you’re asking this!?
Accounting concept – “To depreciate or not to depreciate”
Accounting policy – “Depreciate over estimated useful life”
Accounting base – “Depreciate at 10% per annum straight line”
Change in estimate – “Asset’s life has been reassessed after 3 years – now considered to have only 2 more years left” Policy is the same, but estimated useful life has changed
Thanks a lot sir,
I know it was a stupid question to ask but there was a question i was going through in my F7 revision kit just for revision purposes of some of the standards and i saw a question which was totally wrong.So i jus wanted to clarify if i was correct. Thanks again sir and sorry for bothering you.
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